Some estimates indicate that fifty-six million (56,000,000) workers in the U.S. do not have a traditional banking relationship. This fact is driving increasing numbers of employers to assist their “unbanked” employees to establish financial partnerships through stored-value cards and other means. Additional benefits for employers may include the reduction of time and expense in distributing and administering paper checks for employees.
While stored-value accounts and the associated presentation instruments (e.g., cards) provide employees with convenient access to funds in most cases, the utility of such solutions is limited. For example, while an employee may be able to make ATM withdrawals and PIN-based purchases, the employee may not be able to make “signature-based” purchases. Moreover, the stored-value account may not be able to receive funds from sources other than the employer who issued the card. Hence, enhanced solutions are possible.